PRESS RELEASE:
MPG Funds Management acquires Coles in Armidale (NSW) for $21.5 million.
Melbourne based property fund manager, MPG Funds Management Limited (“MPG”) is excited to announce the recent acquisition of a $21.5 million neighbourhood shopping centre in Armidale, NSW on behalf of the MPG Retail Brands Property Trust.
The property consists of a Coles supermarket and 11 specialty tenants with a net lettable area of 5,583 sqm, 139 car spaces with a WALE of over 9.2 years.
According to MPG’s Managing Director, Mr Brett Gorman “Given the high construction costs, it is hard to feasibly develop new retail property in the current environment. This makes properties such as Coles Armidale, that can be purchased well below replacement value to be very compelling investments.”
The property is the ninth to be added to the MPG Retail Brands Property Trust (“the Trust”), supporting the Trust’s investment strategy of obtaining quality buildings, located in growth areas and secured on long term leases to quality brand name tenants such as: Coles, Woolworths and Bunnings.
The deal was negotiated by Marc Leiba of Leiba Commercial.
Brett Gorman said, “MPG Funds Management remains committed to maintaining a robust portfolio of retail assets, and the acquisition of Coles Armidale is a testament to that strategy. The company is optimistic about the future performance of this asset and its contribution to the overall growth of the MPG Retail Brands Property Trust.”
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